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XRP price continues consolidation around around $0.2780

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  • XRP key resistance is $0.28500
  • XRP trades sideways
  • Stop-loss hunts may occur at both ends

1 Hour XRP/USD price chart

XRP trades sideways today, but it is still within the ascending trading channel. Key resistance is now $0.28500. There is also resistance at $0.28100. It was tested several times already and it is possible that this particular resistance level will be tested again soon, although there is a high probability that it will be a stop-loss hunt and price will retrace back. Nevertheless, several more or even one more attempt to test the closest resistance line may see the price to go above it, possibly to around $0.29 mark or higher.

On the other side of the graph, we could see a fake breakdown to occur and test $0.27450 and even $0.27000 support levels. Additional bearish pressure may push the price as low as $0.25750, however considering the fact that price still stays within the current trend, its likely to recover.

Chart source: Tradingview

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